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Turkish Lira Slides to a Record Low as Erdogan Remains Defiant in Face of Financial Crisis

2 days ago   |   By Time

Turkey is set for another week of financial-market turmoil with its face-off with the U.S. showing no sign of abating.
While officials in Ankara, Istanbul and Washington have the means to stem the mayhem that sent the lira down 25 percent in the past month, the will to deploy them was absent through much of the weekend, with Recep Tayyip Erdogan maintaining his defiance toward the U.S. and financial-market orthodoxy in speeches Sunday.
Pressured by U.S. sanctions and a new constitutional order that concentrates power in Erdogan's hands, Turkey's central bank and finance ministry did little...
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